For nearly thirty years, the flickering orange-on-black screens of the Bloomberg terminal have been omnipresent on trading floors and executive suite desks, maintaining a vital lifeline of data and communication. But now cost-effective competitors like Alpha Terminal have trimmed the data terminal fat, focusing instead on what investors and traders value the most.

As central banks move away from ultra-loose monetary policy, and the global economic expansion matures, bond fund managers will need to ensure their portfolios draw on a truly diverse range of sources of return and carefully consider portfolio risk if they are to generate yield in the current market environment.

The FSA stated in the paper that revenue should be reported inclusive of VAT, which it said was in line with general accounting practice.

However, it yesterday emerged the regulator had mis-typed that particular paragraph, and that revenue should be reported exclusive of VAT.

The FSA will now issue an amended document to correct the mistake.

AIFA policy analyst Jacqueline Thornton said: "On first reading, the VAT issue was the first thing we picked out. [It would not be] very logical reporting your revenue with VAT on it because you do not get to keep it - you are just the collector."